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IRS Revenue Ruling Provides Prescribed Rates for Federal Income Tax Purposes

February 15, 2019 The IRS recently issued Revenue Ruling 2019-07 that provides various prescribed rates for federal income tax purposes.

Bonus Depreciation Safe Harbor Rules for Vehicles Issued by IRS

February 13, 2019 The IRS recently provided a safe harbor method to determine depreciation deductions for passenger automobiles that qualify for the 100 percent additional first-year depreciation deduction and that are subject to the depreciation limitations for passenger automobiles under Sec. 280F (Rev. Proc. 2019-13).

IRS Provides Advice for Taxpayers and Tax Professionals as Operations Resume

January 30, 2019 IRS employees returned to work Jan. 28 following the government shutdown and are working hard to resume normal operations to help taxpayers as much as possible.

IRS Issues Final Regulations on Section 199A Pass-Through Deduction and Walter Nunnallee to Present on Updates

January 19, 2019 The Treasury Department and IRS recently issued final regulations and three related pieces of guidance implementing the new qualified business income deduction, also known as the Section 199A pass-through deduction, of the Tax Cuts and Jobs Act.

IRS Waives 2018 Tax Penalty for Many Taxpayers

January 16, 2019 The IRS announced recently that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.

IRS Confirms Tax Filing Season to Begin Jan. 28

January 7, 2019 The IRS has confirmed it will process tax returns beginning Jan. 28, 2019 and provide refunds to taxpayers as scheduled.

IRS Offers Tips to Reduce CAF Number Errors and Better Protect Data

December 21, 2018 The Internal Revenue Service recently outlined common errors that may delay processing of Centralized Authorization File numbers as well as reminded tax professionals of steps they should take annually to help protect their number from misuse.

Steps for Tax Professionals to Obtain Wage and Income Transcripts for Tax Preparation

December 20, 2018 The Internal Revenue Service, in partnership with the tax preparation community, has devised a new process that will allow tax practitioners to access employer information needed for return preparation and electronic filing while also protecting taxpayer data.

IRS Issues Guidance on Changes to Excess Business and Net Operating Losses

December 18, 2018 The IRS has issued guidance on excess business loss limitations and net operating losses post-reform.

IRS Warns About Fake Payroll Direct Deposit, Wire Transfer and W-2 Scam Emails

December 17, 2018 The IRS is warning tax professionals about an uptick in phishing emails involving payroll direct deposit, wire transfer and W-2 scams.